Adani Stocks Crash Up to 10% on GQG's ₹12,000 Cr Sell-Off
Dalal Street endured a bruising trading session on Thursday as benchmark indices slipped sharply, dragging conglomerate heavyweights into intense selling territory. The benchmark Nifty plunged over 350 points to slide beneath the 22,250 mark, with Adani Group companies emerging as the primary casualties of the downturn. Leading the loss chart, flagship Adani Enterprises closed as the single biggest laggard on the Nifty 50, closely followed by Adani Ports & SEZ among the top five losers, as broader market weakness converged with significant foreign institutional stake reductions.
Broad Market Weakness Triggers Heavy Group-Wide Sell-Off
The sharp downturn across Adani counters mirrored broader structural pressure dragging down the domestic equity landscape as the Nifty inched closer toward the key psychological support of 22,000. Over 40 constituent stocks on the Nifty 50 traded in the negative zone, with more than 20 names declining in excess of 2% amid widespread institutional selling in large caps like Reliance Industries. Against this risk-off backdrop, Adani Green Energy experienced the steepest decline, plunging over 10%, while Adani Enterprises dropped more than 6%. Additional group entities witnessed sharp cuts, with Adani Ports dropping over 4%, Adani Power sliding nearly 5%, and Adani Energy Solutions declining over 5%.
GQG Partners Trims ₹12,000 Crore Exposure in Adani Entities
A critical structural trigger weighing on investor confidence is the systematic divestment by key global asset manager GQG Partners, which originally took large cornerstone stakes in multiple Adani infrastructure entities in March 2023. Regulatory shareholding records indicate that GQG has divested approximately ₹28,000 crore across Indian listed equities over the past twelve months, with about ₹12,000 crore originating directly from Adani counters. Disclosures confirm significant reductions, including offloading roughly ₹6,200 crore in Adani Enterprises, ₹2,100 crore in Adani Power, and ₹960 crore in Adani Energy Solutions. The asset manager's stake in Adani Enterprises notably declined from 3.9% in the March quarter to approximately 2.1% in the June quarter, following a cumulative trim exceeding ₹12,077 crore across group counters in the April–June period.
Widespread Portfolio Realignment Across Indian Blue Chips
GQG Partners’ selling pattern extends well beyond the Adani conglomerate, pointing toward a broader profit-booking and tactical portfolio restructuring drive across Indian equities. In concurrent market actions, the international fund offloaded an estimated 2.93% stake in FMCG giant ITC valued around ₹9,500 crore. Additional institutional stake reductions over the past year encompass roughly ₹3,500 crore in GMR Airports, 8.8 lakh shares in Patanjali Foods, approximately ₹675 crore in JSW Energy, and nearly ₹193 crore in ITC Hotels. The methodical liquidation of large positions by such a high-profile anchor investor has compounded downside momentum, reinforcing market caution across volatile infrastructure and energy counters.
